EURUSD: The bias on this pair is towards the downside – though the market has been trying to edge upwards this week. This could be a good opportunity to sell short as the price rallies in the context of the extant downtrend. Any retracement above the resistance line of 1.3200 would be a threat to the bearish outlook.
USDCHF: Since the start of this week, this pair has moved in a sideways manner. Nevertheless, the bullish trend is still valid and it would be beneficial to assume that when there is a breakout, it would be towards the upside, and as such, the price could go upwards towards the resistance line of 0.9400.
GBPUSD: There is now a rally in the context of a downtrend. Yes, the downtrend is still valid, as indicated by the EMAs and the RSI period 14. Normally, the rally is not expected to take the price above the distribution territory of 1.5500, and in the meantime, the price could be trading below the market territory at 1.5400.
USDJPY: The situation on the USDJPY pair requires some patience, for the price has been moving downwards since the currently threatened ‘buy’ signal was generated. The price is falling towards the EMA 56, and the RSI period 14 is slightly below the level 50. Right now, one might need to wait for a clearer signal before taking a position.
EURJPY: On this cross, the bullish indication that was generated last week has been quickly rendered invalid by the current Bearish Confirmation Pattern on the chart (the EMA 11 has crossed the EMA 56 to the downside and the RSI period 14 is below the level 50). It is no longer advised to go long here.
The material has been provided by InstaForex Company – www.instaforex.com
EURUSD: The bias on this pair is towards the downside – though the market has been trying to edge upwards this week. This could be a good opportunity to sell short as the price rallies in the context of the extant downtrend. Any retracement above the resistance line of 1.3200 would be a threat to the bearish outlook.
USDCHF: Since the start of this week, this pair has moved in a sideways manner. Nevertheless, the bullish trend is still valid and it would be beneficial to assume that when there is a breakout, it would be towards the upside, and as such, the price could go upwards towards the resistance line of 0.9400.
GBPUSD: There is now a rally in the context of a downtrend. Yes, the downtrend is still valid, as indicated by the EMAs and the RSI period 14. Normally, the rally is not expected to take the price above the distribution territory of 1.5500, and in the meantime, the price could be trading below the market territory at 1.5400.
USDJPY: The situation on the USDJPY pair requires some patience, for the price has been moving downwards since the currently threatened ‘buy’ signal was generated. The price is falling towards the EMA 56, and the RSI period 14 is slightly below the level 50. Right now, one might need to wait for a clearer signal before taking a position.
EURJPY: On this cross, the bullish indication that was generated last week has been quickly rendered invalid by the current Bearish Confirmation Pattern on the chart (the EMA 11 has crossed the EMA 56 to the downside and the RSI period 14 is below the level 50). It is no longer advised to go long here.
The material has been provided by InstaForex Company – www.instaforex.com
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